Class Action Suit against Owens Corning Amended

BOSTON, July 17, 2001 - Dwyer & Collora, LLP announces that on July 5, 2001, an Amended Complaint was filed in a class action lawsuit that was originally commenced on April 27, 2001 in the United Stated District Court for the District of Massachusetts. The Amended Complaint was filed on behalf of purchasers of Owens Corning Inc. ("Owens Corning" or the "Company") (NYSE:OWC) 7.5% Notes due May 1, 2005, 7.7% Notes due May 1, 2008, or 7.5 Debentures due August 1, 2018 (collectively, the "Debt Securities") between April 30, 1998 and October 5, 2000, inclusive (the "Class Period").

The action is pending in the United States District Court for the District of Massachusetts, One Courthouse Way, Boston, Massachusetts 02210, against defendants Goldman Sachs & Company, Credit Suisse First Boston, Barclays Capital, Inc., Chase Securities, Inc., J.P Morgan & Co., First Chicago Capital Markets, Inc., BancAmerica Robertson Stephens, Citicorp Securities, Inc., NationsBanc Montgomery Securities, LLC, BNY Capital Markets, Inc., Merrill Lynch, Pierce Fenner & Smith, Inc., RBC Dominion Securities Corporation, Scotia Capital Markets (USA) Inc., SG Cowen Securities Corporation, Glen H. Hiner, Domenico Cecere, Steven J. Strobel, Michael I. Miller, Norman P. Blake, Jr., Gaston Caperton, William W. Colville, Landon Hilliard, Sir Trevor Holdsworth, Jon M. Huntsman, Jr., Ann Iverson, W. Walker Lewis, Furman C. Moseley, Jr., W. Ann Reynolds, Leonard S. Coleman, Jr., and John H. Dasburg.

The Amended Complaint charges the defendants, who include the various underwriters who participated in the offerings of the Debt Securities to the public as well as certain Owens Corning officers and directors, with violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933. In connection with the offerings of the Debt Securities to the public in April 1998 and July 1998, Owens Corning filed a Registration Statement, which incorporated a prospectus (the "Prospectus") and two prospectus supplements (the "Prospectus Supplements"). The Amended Complaint alleges that the Registration Statement, Prospectus and Prospectus Supplements for the offerings contained untrue and misleading statements of facts and omissions of material facts, including: (a) the representation that the Debt Securities would "rank equally with all other unsecured and unsubordinated indebtedness of the Company," (b) misleading representations concerning the Company's other unsecured indebtedness, (c) the failure to disclose that certain of the Company's other unsecured and unsubordinated indebtedness was guaranteed by one or more of the Company's subsidiaries, (d) the failure to disclose that the Company had a substantial debt to one of its subsidiaries, (e) the failure to disclose the existence of and the terms of certain promissory notes issued by the Company to one of its subsidiaries, and (f) the failure to disclose the existence and terms of an intellectual property licensing arrangement between the Company and one of its subsidiaries. As a result of these false and misleading statements and material omissions, the Amended Complaint alleges that purchasers were misled about the true value of the Debt Securities and their seniority relative to other Owens Corning debt. On or about October 5, 2000, Owens Corning filed a voluntary petition for bankruptcy under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

The named plaintiffs in the Amended Complaint are John Hancock Life Insurance Company, John Hancock Variable Life Insurance Company, Investors Partner Life Insurance Company, and John Hancock Life Assurance Company, each of whom purchased Debt Securities during the Class Period. The named plaintiffs are represented by Dwyer & Collora, LLP, a Boston law firm with expertise in class actions and securities litigation. The Dwyer & Collora web site (http://www.dwyercollora.com) has more information about the firm.

If you are a member of the class described above, you may, no later than 60 days from today, move the Court to serve as lead plaintiff of the class. In order to serve as lead plaintiff, you must satisfy certain legal requirements.

CONTACT: Dwyer & Collora, LLP
William H. Kettlewell, Esq., David A. Bunis, Esq.
or Daniel J. Cloherty, Esq.
617-371-1000